Aviva Investors has completed the purchase of a 12.3MW portfolio of domestic rooftop PV systems from renewable energy installation firm Ecovision Renewable Energy.
The PV systems cover 4,000 homes in the UK, and follows a similar deal Aviva made for 7,000 PV systems totalling around 23MW with London-based supplier HomeSun last year.
Aviva said that the investment would deliver predictable, index-linked returns due to the fixed rise in feed-in-tariff for the next 25 years.
Ian Berry, infrastructure & renewable energy fund manager at Aviva Investors, said: “This acquisition continues the expansion of our activities in the UK renewable sector this sector and is in line with our strategy of investing in high quality infrastructure assets with attractive yields.
“As institutions continue to look towards assets that offer secure and long-dated income stream in order to meet their liabilities, we believe infrastructure opportunities such as this offer the potential to meet these needs.”
Ecovision chief executive Peter Randall said: “We are delighted to have worked with Aviva Investors to execute this transaction and look forward to a healthy working relationship through our ongoing provision of services to manage the assets and beyond.”
The acquisition was made through the Aviva Investors REaLM Infrastructure Fund, which contains five funds including one dedicated to energy.
Aviva, the global asset management business of Aviva plc, was advised by AgFe and Clifford Chance.
Ecovision, a renewable energy installation firm formed in 2005, was advised by Rothschild, Osborne Clarke and Opus Corporate Finance.